1. VOLUME NO.: LLAT/787 OF 2016-17 DATE: 26 June 2014
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SrNo Authority Section/Rules RATIO(S)
Citation /Subject CASE(NAME OF ASSESSEE)
1.1 KAR HC 153A 263 132 ITA
Application of section 153A is that there should be a search under section 132
however initiation of proceedings is not dependent on any undisclosed income being
unearthed during such search.
1.2 49TM098 Search Assessment
Canara Housing Development Co
2.1 KAR HC 269T 271E ITA
Repayment of loan amount by A firm in cash to another firm in violation of provisions
of section 269T could not be taken as a case of inter-firm transactions and therefore
penalty order passed under section 271E was to be confirmed.
2.2 62TM250 Evasion of tax
Canara Housing Development Co
3.1 DEL HC 4 ITA
Where A had received subsidy to be utilised for specific purpose amount of unutilised
subsidy could not be treated as income.
3.2 66TM088 Chargeability
Canon India (P.) Ltd
4.1 BANG ITAT 40(a)(ia) ITA
Where A was well aware that recipients had no taxable income just because their
declarations in Form 15G/H were obtained late no disallowance could be made for
non-deduction of tax at source.
4.2 50TM411 Disallowance
Capital Pharma
5.1 DEL ITAT 2(28A) ITA
Amount received by A engaged in business of making / accepting / endorsing
/executing and discounting of financial instruments from its Indian Associated
enterprises by discounting their Promissory Notes was assessable as discounting
charge and not a
5.2 67TM266 Interest
Cargill financial Services Asia Pte. Ltd In Liquidation
6.1 KAR HC 10A ITA
Once permission was obtained from STPI and unit was started in software
technology park after April 1994 A was entitled to exemption under section 10A.
6.2 55TM473 Exemption
Caritor (India) (P.) Ltd
